Wockhardt Q2 Profit Slides 81.6%; Stock Dips 3%

Wockhardt, the Drug firm disclosed a fall of 81.59 per cent in its consolidated net profit at Rs 17.02 crore for the 2^nd quarter ended September because of a dip in sales. Net profit was Rs 92.45 crore in July-September last year. The company's total income on consolidated basis went down 13.41 per cent during the quarter under review to Rs 1,064.69 crore versus Rs 1,229.59 crore in the year-ago period.

Their international business contributed 59 per cent of the total revenues during the second quarter of 2016-17. Wockhardt's total expenses came in at Rs 1,002.54 crore, down 5.93 per cent. In a separate filing, Wockhardt said BSE that its board in a meeting has given the approval of the acquisition of 100 per cent stake in Wockhardt France (Holdings) SAS, an existing step-down subsidiary, from Wockhardt Bio AG (WBG), a subsidiary of the company. By virtue of the above mentioned acquisition, WFH shall turn a direct wholly-owned subsidiary of the company from the erstwhile step-down subsidiary. WBG continues to be a direct subsidiary of the company. Its board has also announced an interim dividend of 200 per cent, which is Rs 10 per share of face value of Rs 5 for 2016-17.

As the trading session commenced on 11^th Nov, Wockhardt share price was trading at Rs.791.90 (down by 3 per cent). The stock opened at Rs. 780 as compared to its previous closing at Rs. 813.85. The stock touched the days high and low at Rs. 800.80 and Rs.767.55.

Wockhardt is analyzed by Dynamic Levels as the top 500 performing stocks for this quarter among the 1700 stocks which are listed on the NSE.  Wockhardt is fundamentally strong and is safe for investment, as per Dynamic analysts. In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to Wockhardt share price history.